As a D700 user, I'm considering to get a used D2hs to give a try. Interested to know, if I shoot raw and use Capture NX2 to convert to jpg (w/o any post-processing, just a direct conversion), how good is the converted jpg?

NX has given me the best direct conversion so far for Nikon, I don't like the interface at all and wish Nikon (and Canon for that matter) had someone else create the UI for them as I find NX and Canon's DPP a disjointed experience. At least Capture NX does a fine job better than Adobe Camera Raw to my eyes. Canon's DPP just isn't worth the time to my eyes.

I like working in one package so I'll usually use Photoshop (ACR) or at times Lightroom, with Photoshop being my typical workflow.